STATE ESCHEATMENT LAWS Clause Samples
The State Escheatment Laws clause defines the process by which unclaimed or abandoned property, such as uncashed checks or dormant accounts, is transferred to the custody of the state after a specified period of inactivity. In practice, this clause outlines the obligations of parties to identify, report, and remit such property in accordance with the relevant state statutes, ensuring compliance with legal timelines and procedures. Its core function is to ensure that unclaimed assets are properly handled and that the parties fulfill their legal responsibilities, thereby preventing disputes and potential penalties for non-compliance.
STATE ESCHEATMENT LAWS. Escheatment laws adopted by various states require that personal property that is deemed to be abandoned or ownerless, including mutual fund shares and bank deposits, be transferred to the state. Under such laws, ownership of your Fund shares may be transferred to the appropriate state if no activity occurs in your account within the time period specified by applicable state law. The Fund retains a search service to track down missing shareholders and will escheat an account only after several attempts to locate the shareholder have failed. To avoid this from happening to your account, please keep track of your account and promptly inform the Fund of any change in your address.
STATE ESCHEATMENT LAWS. Escheatment laws adopted by various states require that personal property that is deemed to be abandoned or ownerless, including mutual fund shares and bank deposits, be transferred to the state. Under such laws, ownership of your Eventide Mutual Funds shares may be transferred to the appropriate state if no activity occurs in your account within the time period specified by applicable state law. Eventide retains a search service to track down missing shareholders and will escheat an account only after several attempts to locate the shareholder have failed. To avoid this from happening to your account, please keep track of your account and promptly inform Eventide of any change in your address.